In order to tackle with the downward trend of economic growth and meet the requirement of macro control under the interest rate liberalization, recent years, the central bank has continuously pushed forward several monetary policy tools, but most effects have failed to meet the expectations, being confronted with the bottleneck of monetary policy failure. ANBOUND research team states that the policy failure of the central bank can be attributed to various causes, among of which the substantial presence of the enterprises with "soft financing constraint" can be regarded as a significant barrier. Carding the conduction mechanism of monetary policy not only needs to carry out a financial reform, but more importantly, fiscal and taxation reform requires a further intensification. The financial discipline should be truly put into practice through strict measures, so as to allow the monetary policy to exert more influence on the real economy.